| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4023 |
| DP4023 Trade Reforms and Wage Inequality in Colombia | |
| Orazio Attanasio; Nina Pavcnik; Pinelopi Goldberg | |
| 发表日期 | 2003-08-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We study the impact of different bankruptcy laws in general equilibrium, taking into account the interactions between the credit and labour markets, as well as wealth heterogeneity. Soft bankruptcy laws often preclude liquidation, to avoid ex-post inefficiencies. This worsens credit rationing, depresses investment and reduces aggregate leverage. Yet, tough laws do not necessarily maximize social welfare or emerge from the legislative process. Relatively rich agents can invest irrespective of the law. They favour soft laws that exclude poorer entrepreneurs from the market and thus reduce labour demand and wages. This raises the pledgeable income of the entrepreneurs who still can raise funds, and thus lowers their liquidation rates and the associated inefficiencies. Hence, a soft law can maximize social welfare. |
| 主题 | Financial Economics |
| 关键词 | Financial constraints Credit rationing Bankruptcy law |
| URL | https://cepr.org/publications/dp4023 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533001 |
| 推荐引用方式 GB/T 7714 | Orazio Attanasio,Nina Pavcnik,Pinelopi Goldberg. DP4023 Trade Reforms and Wage Inequality in Colombia. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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